Episode 071 - Appraisal Waivers: Worst Idea Ever
Episode 071 - Appraisal Waivers: Worst Idea Ever
Kool and The Gang sang the song “Celebration” in 1980. You know how it goes, “Celebrate good times, come on.” There is plenty of time for that in a real estate transaction when the closing is finished, but don’t celebrate an appraisal waiver.
Appraisals serve a vital purpose in the real estate transaction. One that protects your client. An appraisal waiver serves only one party, the lender, NOT your client. In this episode, B dives into what an appraisal waiver does and does not do, and how you might be doing your client a disservice by celebrating that waiver.
SHOW NOTES
- 00:45 – Be nice to each other! We are in this together.
- 01:57 – Agents celebrate appraisal waivers like the Ewoks dancing at the end of Return of the Jedi.
- 02:45 – Pros to a waiver: save time, money, and avoiding the “low” appraisal.
- 03:30 – Does the appraisal waiver serve your client.
- 04:45 – What is an appraisal waiver?
- 06:00 – Appraisal waiver is based around a Zillow estimate.
- 07:25 – Appraisal waiver only serves the lender, not your client.
- 09:05 – What is best for your client? Have a conversation with your client about what is happening.
- 10:45 – Agents have a negative opinion on the appraisal process, but that is not a good reason because you will likely get a good appraisal.
- 11:50 – Appraiser is unbiased and not out of emotion. We help clients make an informed, financial decision that is well informed. Helps avoid buyer’s remorse.
- 13:34 – What are your client’s short-term and long-term plan for the property.
- 15:45 – Advocate for your client; an appraisal does have value for your client to help them make an informed decision.
SHOW LINKS
- Star Wars: ROTJ Celebration (Yub Nub) – https://www.youtube.com/watch?v=np6vAuS0KNs
- Kool & The Gang, “Celebration” – https://www.youtube.com/watch?v=3GwjfUFyY6M
- What is an appraisal waiver? – https://www.firstsavingsmortgage.com/mortgage-blog/what-is-an-appraisal-waiver-and-is-it-right-for-me/
BETWEEN THE LINES LINKS
Web
https://www.facebook.com/groups/realestatebetweenthelines/
https://www.facebook.com/Brian-C-Lee-111822417027919/?
YouTube
https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?